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Mikko Lemola
Shuttle Pharmaceuticals (SHPH) has updated terms for its proposed $10M initial public offering.
The biotech company said in a filing that it now intends to offer 1.7M units at the assumed price of $6 per unit. Each unit would consist of one share plus one warrant to buy one share.
Underwriters would be granted a 45-day option to buy up to 294K additional units. Boustead Securities is serving as lead bookrunner.
Based in Maryland, Shuttle has been working on treatments to help boost the effectiveness and mitigate the negative effects of radiation treatment for cancer. The company plans to use proceeds from the IPO to help fund Phase 2 clinical trials for its lead candidate Ropidoxuridine, a radiation sensitizer, and to advance a second candidate, an HDAC inhibitor, into clinical testing.
For the six months ended June 30, 2022, Shuttle reported a net loss of $1.3M with no revenue.
For a more in-depth look at Shuttle, check out SA contributor Donovan Jones’s “Shuttle Pharmaceuticals Targets $14 Million IPO for Radiation Therapy Enhancement”.
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Image and article originally from seekingalpha.com. Read the original article here.